As Trump Urges Powell to Cut Rates, the Fed Chair Gains Support from Lawmakers

According to a report by Jinse Finance, Federal Reserve Chairman Jerome Powell stated on Tuesday that members of Congress have privately told him that, despite former President Trump accusing Powell and the Fed of not cutting interest rates, the Fed is "doing the right thing" regarding interest rates. While testifying before the House Financial Services Committee, Powell was asked whether he had heard from "bipartisan" members that interest rates should be lowered. Powell responded, "I've spoken privately with many members, and they say you are doing the right thing. I hear this from many members in private."